Abstract
Abstract The scocialist system suffers a systemic, political and structural‐economic crisis. Reforms implemented to varying degrees in different countries have so far procured a hybrid system, whereby central planning is no longer operative, market forces have not really set in yet, and combined drawbacks of both systems are strongly felt. To offer chances of success the reforms need to be comprehensive enough to enable qualitative change: the realignment of economic policy, restructuring and demonopolization, decentralization and diversification of ownership, more market orientation, monetary measures, stress on competitiveness and opening to the global economy, as well as modifications of income distribution and social structure are all required. At the same time the process largely depends on the advances of Gorbachev's perestroika, while the nature of the newly emerging systems remains rather uncertain.
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